Problem 1 (13 minutes, 13 marks) Schindler Co is attempting to determine its performance for the year just ended. Unfortunately, some information is missing. You have been asked to recreate it based on the information below. Output (units) Sales revenue Variable costs Fixed Costs Operating income Actual Results 25,000 $240,000 $175,000 $15,000 $50,000 Static (Master) Budget 30,000 ? $187,500 $20,000 Important finding: The accountant remembers that the sales price variance was $5,000 Favorable. Required: Note: be sure to indicate whether a variance is favorable or unfavorable and show your work to obtain partial marks. 1. What is the budgeted selling price per unit under the static (master) budget (3 marks). Hint: one of two ways to arrive at the answer is to calculate a flexible budget. Note: If you cannot determine an answer, assume a budgeted selling price of $9 and a budgeted operating income of $62,500 for the questions below. 2. What is the flexible budget variance? (6 marks) 3. What is the sales volume variance? (3 marks) 4. Briefly, what does the sales volume variance mean? (1 mark)